I just bought a new car but two days later the dealership called and said i need a cosigner I found one and they have very good credit should my APR and monthly payment go down with a cosigner?

Cosigner

No because you applied for the loan with YOUR credit. For whatever reason (you have the right to find out why) the dealership decided you were too big of a risk to be granted the loan you requested. The purpose of the cosigner is that in case you mess up your cosigner will be responsible for the loan.

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First answer by Mothra820. Last edit by Mothra820. Contributor trust: 300 [recommend contributor]. Question popularity: 13 [recommend question]

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Does the cosigner get credit?  Lower payment on a car cosigner?  How do you get a car with no cosigner?  Will you need a down payment if you have a cosigner?  If you do not have credit what would your APR be with a cosigner?